WILLIAMSVILLE, N.Y. — Tops Holding Corp., parent of the Tops Friendly Markets chain here, on Monday reported net income of $6.4 million for the fiscal third quarter, reversing a loss of $7.6 million in the year-ago third quarter.
Same-store sales at the chain were up 1.9%, excluding gas. Total sales for the 12-week period, which ended Oct. 8, were up 3.6%, to $538.6 million.
"Our strategy to provide our customers with a wide variety of choices and great savings opportunities combined with the successful integration of our Penn traffic acquisition and our focus on operating efficiencies drove our solid sales growth and dramatic increase in operating income in the quarter," said Frank Curci, Tops' president and chief executive officer, in a prepared statement. "Our business continues to improve, and customers are responding to our various merchandising initiatives, as well as our store remodel program."
Operating income for the quarter was $20.7 million, or 3.9% of net sales, vs. $6.4 million, or 1.2% of net sales, in the prior-year period. Tops said the increase reflects its successful integration of the 51 stores it acquired from Penn Traffic and converted.
For the 40-week period, net income totaled $4.65 million, vs. a loss of $13.2 million in the 2010 year-to-date period. Sales were $1.82 billion, up 5.1%, and same-store sales rose 1.6%.